James Montier speech last Summer (HT: NG)
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I’ve written a ton on how the hedge fund indexes are useless. Remember, you don’t want the beta of hedge funds (like all the ETF indexes – you want the alpha!!). Some more examples here:
Econompic, DailyFinance, Clusterstock, FIN
Investable index: 13%
Non-Investable Index: 19% (and has underperformed every year the past 7 years!)
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A great article here from my buddy Nick on arithmatic geometric returns, or, returns you can eat.
